Stocks are tumbling Wednesday as weakening metals prices help to slug resource stocks. At midday, the S&P/TSX composite index is off 61 points at 8,689.

Some surprisingly weak economic data is helping contribute to the slide. The negative data concerning trade came from both sides of the border.

While Canada’s trade surplus slipped a little, more or less as expected, the U.S. trade deficit unexpectedly widened to record levels. In both reports the details were weak, showing drops in imports and exports.

Toronto volume is on the light side at 137.3 million shares, with selling outpacing the buying by almost two to one. Market breadth is similarly bleak, as losers outnumber winners by a seven to four margin.

Miners are getting simply thumped today, down 3.7%, as prices slide on fears about global growth. Golds aren’t far behind, dropping 2.6%. There is also a 2.4% slide in materials, and a 1.7% drop in energy stocks. Smaller selloffs are evident in consumer discretionary names.

Utilities, techs and telecoms are holding up in the face of the old economy weakness.

Stocks such as Inco are driving the market lower. It is down 3.5%, following the market’s fears about basic growth. Alcan is 3.2% lower. Teck has lost 7%. Falconbridge is down 5%. And, there is substantial weakness in names such as Barrick, Suncor Energy, Petro Canada, EnCana, Noranda, Wheaton River, Rio Narcea, Nevsun Resources, Eldorado Gold, Petrobank and Com Dev.

One of the few resource companies making gains is TransCanada, and that’s on news of shutting down a business. It is up 2.2% on word that TransCanada and ConocoPhillips will suspend further work on a liquefied natural gas project.

There is also a little strength in Fording, Sino-Forest and Canadian Zinc. Also, Peak Energy is up 6%.

Outside of the resources, there is weakness in a couple of tech issues. Certicom is plunging 19% on news that its net loss for the last quarter was $1.8 million, compared with a net loss in the same period last year of $174,000. Certicom does not provide guidance for revenue and cash, but does say that fourth quarter operating expenses are expected to range from $3.4 million to $3.7 million, compared with actual third quarter operating expenses of $3 million. The increase is largely attributable to the launch of the company’s new growth strategy and a calendar year-end charge for employee bonus payments.

Descartes Systems has dropped 16% on news that its loss for fiscal year 2004 was $32.2 million, an improvement from the loss of $138.2 million in fiscal year 2003. For the first quarter of fiscal year 2005, Descartes expects to achieve total revenues in the range of $15.5 million to $16.5 million. And, it expects to report a loss per share in the first quarter of fiscal year 2005 of 13¢ to 11¢. For fiscal year 2005, Descartes anticipates 10% to 15% growth in revenues over fiscal year 2004.

There is also weakness in Cinram and Power Corp.

Otherwise, the techs are generally stronger today, led by a 2.6% gain in Nortel on strong volume. The sector is also seeing a bounce back in Zarlink Semi, Sierra Wireless and Leitch Tech. BCE is up a bit, too.

Financial stocks are mixed today, with Royal Bank jumping 0.6% on huge volume of four million shares. CIBC, Scotia and TD Bank are all down. The news in the group is coming from Laurentian Bank, which has agreed to acquire B2B Trust for approximately $51.6 million. Laurentian currently owns 77.3% of the outstanding common shares of B2B Trust.

In other M&A news, Onex has entered into an agreement with ResCare Inc. to acquire an approximate 30% equity interest in the company for US$83 million.

In earnings news, Thunder Energy reported that its income doubled in 2003 to $24.1 million. Baytex Energy Trust saw earnings slip to $38.1 million in 2003. MI Developments said it lost US$32.3 million in 2003. And, Breakwater Resources posted net earnings of $7.1 million for 2003, compared with a net loss in 2002 of $19.9 million last year.

In New York, the weakness in commodity prices is being felt, but not as acutely as it is in Toronto. The Dow Jones industrial average is still down 19 points at midday to 10,438. The Nasdaq composite index is flat at 1,995.